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Terex Repays Senior Term Bank Debt Four Years Early | Construction News

Post date:

05/17/2013 - 8:18am

Terex Corp. has repaid $220 million of the company’s senior term bank debt due 2017, effective May 16, 2013.

“As previously communicated, we are focused on improving earnings and generating cash flow to facilitate debt reduction,” says Ron DeFeo, Terex chairman and CEO. “This latest pay down of debt demonstrates our continued commitment to improving our company’s capital structure. An additional repayment of $30 million of debt will take place in July. Combined with our prior actions in 2012, this will result in approximately $500 million in debt reduction from the middle of 2012 through the middle of 2013. We continue to anticipate strong free cash flow for 2013 and beyond, and will look for additional opportunities to reduce our future interest expense and improve our overall capital structure as we move forward.”